China vows to protect its interests from 'reckless' U.S. trade threats

US surprises markets with revival of China tariffs

It noted that Chinese tariffs on US goods are much higher than corresponding USA tariffs, and said the US government would "defend America's intellectual property and proprietary technology from theft and other threats" by imposing a 25% tariff on $50 billion in goods made in China that contained "industrially significant technology".

The White House said it also would impose restrictions on Chinese investment and purchases of high-tech exports.

The final list of these products will be announced by June 15 and the tariffs will go into effect shortly after. Then, just today Trump said he's moving ahead with plans to impose tariffs on $50 billion of Chinese imports.

Xi's address at the opening of the joint annual conference of the Chinese academies of sciences and engineering therefore addresses the crux of the whole trade deficit issue - China's uncompromising focus on acquiring core technologies.

Washington postponed its tariff threat in mid-May after Beijing promised to significantly increase its purchases of USA farm goods and energy products, such as natural gas.

The announcement came after President Donald Trump made a decision to move ahead with additional tariffs on $50 billion of imports from China, a move that could potentially derail the truce reached last week between the world's two biggest economies.

According to AP, the official said the instructions also stated that Chinese citizens seeking visas would need special clearance from multiple U.S. agencies if they work as researchers or managers for companies on a USA commerce department list of entities needing higher scrutiny. The latest move to announce the tariffs comes ahead of US Commerce Secretary Wilbur Ross's visit to China next month over the same. The merry little trade war with China appears to be back on, as the White House announced tariffs on a broad range of imports.

After announcing tariffs of 25 percent on steel and 10 percent on aluminium in March, Trump raised the ante repeatedly in the following weeks. "It is obviously against the consensus reached by the United States and China in Washington recently".

The US will also continue to pursue litigation at the World Trade Organisation for violations of the Agreement on Trade-Related Aspects of Intellectual Property Rights based on China " s discriminatory practices for licensing intellectual property, the statement said. "As the U.S. and China prepare for another round of negotiations, we hope the administration has clearly defined objectives and concrete solutions to resolve this trade dispute without tariffs".

Additionally, Trump has faced significant political pressure to be tough on China from Capitol Hill in recent days.

The American Chamber of Commerce in China said companies are uneasy about the threat of export and investment controls but see them as a possible way to make progress on longstanding complaints about market access and investment curbs.

The White House statement said: "Discussions with China will continue on these topics, and the United States looks forward to resolving long-standing structural issues and expanding our exports by eliminating China's severe import restrictions".

While US tariffs would have a direct impact on China's economy, such uncertainty would likely have an even greater indirect impact as it came to affect consumption, investment confidence and financial markets, he explained.

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